Field Notes on
Closed-End Funds

Investment insights and market analysis for institutional investors

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Essential Reading

Industry Insights
5 min read

Investing Principles Issue #4: The Double-Edged Sword

In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of
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In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of closed-end fund investing.  As a result, he has since then been widely regarded as “The Father of Closed End Fund Investing” and the asset management firm he launched, Thomas J. Herzfeld Advisors, Inc. (“Herzfeld Advisors”), remains a leading authority on CEFs to this day.  In honor of Mr. Herzfeld’s celebration of 50 years in the industry, we are launching a series of papers that look back at his original investment ideas and demonstrate how we continue to use those investment themes for the benefit of our clients to this day.  We hope you enjoy this series.  Of course, we are always happy to provide additional information on our services.

Contact us at info@herzfeld.com for more information.

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Industry Insights
5 min read
The Discount Perspective - June 2026
We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a new monthl
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We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a monthly update focused on discount and premium levels across the closed-end fund universe. Each edition highlights key trends we’re observing and provides context around how market dynamics are evolving.

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Industry Insights
5 min read
Investing Principles Issue #3: Knowing When to Exit
In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of
Read more

In 1979, our founder, Thomas J. Herzfeld, wrote the first of 7 textbooks on the subject of closed-end fund investing.  As a result, he has since then been widely regarded as “The Father of Closed End Fund Investing” and the asset management firm he launched, Thomas J. Herzfeld Advisors, Inc. (“Herzfeld Advisors”), remains a leading authority on CEFs to this day.  In honor of Mr. Herzfeld’s celebration of 50 years in the industry, we are launching a series of papers that look back at his original investment ideas and demonstrate how we continue to use those investment themes for the benefit of our clients to this day.  We hope you enjoy this series.  Of course, we are always happy to provide additional information on our services.

Contact us at info@herzfeld.com for more information.

‍

Industry Insights
5 min read
The Discount Perspective - April 2026
We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a new monthl
Read more

We’re pleased to share Herzfeld’s latest edition of The Discount Perspective, a monthly update focused on discount and premium levels across the closed-end fund universe. Each edition highlights key trends we’re observing and provides context around how market dynamics are evolving.

‍

All Posts

News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™
Thomas J. Herzfeld Advisors, Inc. is excited to announce it received three 5-Star Overa...
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Thomas J. Herzfeld Advisors, Inc. is excited to announce it received three 5-Star Overall Morningstar Ratings™ for the quarter ended June 30, 2023.

News
All
5 min read
Pensions & Investments: Herzfeld strategies make Top-Performing Managers list for Q1/2023
While bonds rallied in the first quarter of 2023 amid falling yields and hopes that the...
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News
All
5 min read
★★★★★ 5-Star Overall Morningstar Rating™ 
Morningstar Ratings™ Q4/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overal...
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Morningstar Ratings™ Q4/2022: Thomas J. Herzfeld Advisors, Inc received 5-Star Overall Morningstar Rating™ for three investment strategies.  

News
All
5 min read
Bloomberg: World’s Top Junk-Muni Fund Is Loaded With a Rarely Traded Stock
Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout...
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Energy Harbor shares are top holding in 15 of Nuveen’s funds Received in debt workout, shares deliver boon — and a risk.

The biggest holding in the world’s biggest high-yield municipal bond fund isn’t a municipal bond.

It’s a $1.5 billion stake in shares of Energy Harbor Corp., a thinly traded power company that’s not listed on any US stock exchange. The Nuveen High Yield Municipal Bond Fund — like many others run by the investment giant — received the stock three years ago after the company’s precursor, FirstEnergy Solutions, restructured its debts in bankruptcy.

News
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5 min read
Bloomberg: Pimco Slashes Payouts Up to 45% on Muni Closed-End Funds
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Asset manager cuts monthly payouts on 9 muni closed-end funds Distribution cuts range from 20% to 45% as leverage costs soar.

Pacific Investment Management Co. cut monthly payouts on nine municipal bond closed-end funds by as much as 45% after a sharp jump in short-term rates increased borrowing costs.

The money manager cut the distributions on the $199 million Pimco California Municipal Income Fund to 3.6 cents per share from 6.5 cents per share, according to a statement Tuesday. Short term-borrowing costs on the fund surged as high as 8.25% in December. The fund trades at a 29% premium to its net asset value while the yield on the closed-end fund’s portfolio is about 4%, according to data compiled by Bloomberg.

News
All
5 min read
Pensions & Investments: Herzfeld strategies make top-performing fixed income list for Q2/2022
Fixed income: Investors keep eye on economy and Federal Reserve action on interest rate...
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Fixed income: Investors keep eye on economy and Federal Reserve action on interest rates.

Read the article to find out more.

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We share exclusive insights on closed-end fund opportunities and market trends. A quick, valuable read for institutional investors and family offices.

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